Compensafe.com
CompenSafe.com – Optimizing Mortgage Banking Branch Management for Commissions, Bonuses, Reporting, and Profitability
Compensafe.com sits between your Loan Origination System (LOS) and your Accounting System providing near real-time commission and profitability reporting to your Loan Originators and Branch Managers. It organizes data, automates repetitive tasks, and helps maximize Branch Profitability by providing Managers with the information they need to run efficient, streamlined, and competitive branches.
CompenSafe.com offers web-based Software as a Service to report and track:
- Loan Pipeline,
- Revenue by Loan, Loan Originator or Branch,
- Commissions and Bonuses,
- Detailed Pricing, Margins, and Revenue Fee Income,
- Payroll Advances, Wage Recoveries, and Adjustments,
- Payroll Reports and Exports for Integration with Accounting Systems such as ADP, and
- Personalized, Secure Closed Loan and Commission Reports for Loan Officers.
The Branch Loan Pipeline is a panoramic view of your upcoming closing volume. The report allows management to review loan progress through processing, underwriting, and closing. Sort the report by dates, statuses (Clear To Close, Approved with Conditions, in UW, in Processing, Originated), or filter by LO or Processor.
Pipeline Loan Record Detail:
Commission Reports are tabulated automatically. Branch Managers have access to all loans closed in their Branch. Loan Officers have access to their own Commission Reports through their secure login accounts. Below is a screenshot of the Branch level Commission Report and a detailed Loan level Commission report.
Commission Schedules are set up and controlled by the Branch Manager. Schedules can be constructed to pay out on a flat rate or by tiers based on Net Fees or Loan Volume closed per month. Retroactive commissions are also calculated automatically for schedules based on monthly tiered goals.
Once the Branch Commission Schedules are set up, Loan Officers are simply assigned to the Schedules with a Start and Stop Date range for activation. Loan Officers can easily be moved from one Branch Commission Schedule to another and the system retains and automatically applies the correct commission schedule based on loan funding dates.
The Payroll Process is simplified and managed within the site. The steps are outlined and are easy to follow.
Step 1.) Review Commission Schedules for Loan Officers. Ensure all Loan Officers have an active schedule and make any changes to schedules.
Step 2.) Review Funded Loan Revenue Records. Funded loans are organized per Pay Period. Management can adjust the fee income or expenses and the system will recalculate commissions accordingly.
Step 3.) Review Newly Posted Draws for Benefits or Negative Revenues. For Loan Officers on benefits who do not close any loans during a pay period, the system automatically enters a “Benefits Draw” to track this advance to the employee. Similarly, if a loan has a negative revenue, the negative amount is entered as a Draw to be recaptured on a later pay period.
Step 4.) Adjust Balances for Banked Earnings, Marketing Account, Unpaid Draws. Running balances are tracked for Banked Earnings, Marketing Accounts, and Unpaid Draws. The Balances Report summarizes this information. Clicking a “View” hyperlink drills down into the details and specifics.
Step 5.) Review Salaries. The system stores staff salary records. Each pay period, the Branch Manager only needs to verify the figures and make updates if required
Step 6.) Payroll Worksheet: Update Bonuses, Overtime, Adjustments. In preparation of the final Payroll Report, review all earnings. Add bonuses, hourly income, adjust payroll payments for unpaid draws, and add earnings to Banked accounts as required.
Step 7.) Send Notification Emails to Loan Officers. All active loan officers are sent an email with a direct link to their commission report. Loan officers have access to the loan records in their name only. All email messages are sent after the Branch Manager submits this single form.
Step 8.) Create Payroll Report (XLS). Click button to generate a properly formatted Excel report to email directly to Accounting.
The Payroll Process is complete after following these steps. Many of the steps are review tasks and require no action if no changes have occurred to the Branch staff during the pay period.
Sales Tools are available on the system, providing simple methods for emailing or printing traditional “Good Faith Estimates” or “Cash To Close” estimations for prospective clients. Generate the following report to email to a client in a couple minutes. It is quick and very effective!
The Cash To Close (CTC) is very popular because it is so simple to use. Simply fill in the screen below with the loan variables and click the button to produce the report shown on the preceding page. Most of these values are already pre-filled, the user must supply the Sales Price, LTV, and Interest Rate only.
Each Loan Officer has their own set of closing costs which they maintain to control fee quotes. These default closing costs are saved in the system and only need to be set up one time.
Appraisal Invoice Payment Tracking lists all unpaid or partially paid invoices. This report can be utilized for following up on late payments or missed payments to ensure your Branch recaptures costs associated with Appraisal services.
Directories for Staff, Appraisers, Attorneys, Key Corporate Contacts, Insurance Agents, and Real Estate Agents are maintained for quick reference. Directories can easily be exported in Excel format for marketing or other purposes.
The Document Library is an efficient and centralized manner to store and share a variety of document files, videos, and images with your Branch staff or Corporate colleagues.
The Branch Intelligence system organizes data from Corporate Accounting, automates repetitive tasks, and provides Branch Managers with the information they need to maximize Branch Profitability.